How does the 2014 ruble crisis compare with the 1998 vintage?

File Photo of Cash, Coins, Line Graph

(Business New Europe – bne.eu – Ben Aris in Moscow – December 17, 2014) The ruble’s crash on December 15 from RUB53 to nearly RUB80 vs the dollar has caused many commentators to compare this crisis to Russia’s financial collapse in 1998. Is Russia really going into a full-scale meltdown for the fourth time in two decades? Crashing oil prices […]

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Specter of ’98 Default Haunts Russians as Ruble Weakens

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Howard Amos – October 18, 2014) As the Russian ruble plunges to repeated record lows and the Central Bank ramps up market interventions to defend it, few want to mention Aug. 17, 1998. On that day, amid budgetary chaos and dwindling foreign currency reserves, Russia abandoned its support of the ruble and announced a default, […]

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